In a word, realistically.
Prices appeared to reach a low point in the mid-1990s and have risen slowly since that time. Over the last couple of years we have seen demand outweigh supply of available homes around the median price.
You have to be realistic about your home’s current value and price it accordingly. A good place to start is by determining fair market value.
What is fair market value? And, how do I determine mine?
Simply put, the fair market value of a house is the highest price an informed buyer will pay, assuming there is no unusual pressure to complete the purchase. It is usually not the asking price.
To get an estimate of fair market value, call us and ask for a Competitive Market Analysis (CMA) of your house. Most often this service is provided free of any charge or obligation. Market value is seldom an exact amount; it’s usually a range of prices, narrower in a busy market and wider in a slow market.
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The analysis will give you a realistic figure based in the most important factors in the local real estate market. It should provide information about recent sales of similar houses, including how much they sold for and how long it took to sell these similar houses. A professional licensed real estate broker’s opinion is very helpful in determining the right asking price.
What’s the difference between fair market value and asking price?
Generally speaking, the owner’s asking price – the advertised price of the house when it goes on the market – is set slightly higher than fair market value (usually 2% to 4% above market value). You can assume that some negotiation will be necessary to reach an agreement with a buyer. However, too large a variation in price above market value will result in reduced showings and typically only “low” offers.
What about market conditions – price trends, interest rates, and the economy? Should they have any bearing on when I list my home for sale?
Probably not. Even if you’re under no pressure to sell. It’s possible to sell your house in any kind of market, provided it’s effectively marketed and priced right.
Your decision should probably be influenced more so by your family’s needs, and personal financial issues such as whether you have any equity in your home.
Determining the right asking price for your home is critical to selling your home. Connect with us to get our team’s professional opinion about the best price for your home.